Good morning readers. If you’re under 40 and your parents keep nagging you to “do something with your life”, you might want to show them this. New research from the New York Federal Reserve reveals that post-pandemic, younger Americans have sprinted ahead in wealth accumulation, outpacing their older counterparts. A whopping 80% surge, totaling $9.5 trillion, the younger generation are overshadowing the meager 10% and 30% gains of those aged 40-54 and over 55, respectively. Despite being the wealth underdogs, millennials and Gen Z are catching up, with stocks emerging as their primary wealth generator.

Could this trend narrow the intergenerational wealth gap? The numbers suggest a tantalizing possibility.

Let’s jump into today’s storylines.

In today’s digest:

• Trump Media merger receives SEC approval

• Headline Hustle: Egypt builds wall along Gaza border amid rising tensions in Rafah, FBI informant made up claims on Biden’s corruption, Target releases budget-friendly brand

• Formula One’s offseason woes

• Pulse Points: What’s Trending

BUSINESS

Trump is eyeing a return to Wall Street

In a move that might have Wall Street donning its best poker face yet, former President Donald Trump is edging closer to what could be the most dramatic comeback since bell bottoms swayed their way back into the fashion scene.

With a nod from regulators, Trump's media venture, Trump Media & Technology Group, is looking to merge with Digital World Acquisition Corp., a move that's been stuck in regulatory limbo for years.

This isn't just any merger

It's Trump's golden ticket back to Wall Street, potentially fattening his wallet through a publicly traded company where he's poised to be the kingpin. The deal, which is still waiting for a thumbs-up from shareholders, could catapult Trump Media into the stock market limelight, pegging its value at a cool $4 billion. Trump, expected to rake in a hefty stake, might find turning that paper value into cold, hard cash a bit difficult, thanks to lock-up periods and the venture's tightrope walk on his brand.

In the financial world's version of a standing ovation, Digital World's stock leaped by 15% following the merger's approval. But this enthusiasm is matched stride for stride by skepticism. Critics are raising their concerns at the valuation, questioning the financial sanity of a company whose revenue could be described as "emerging" at best, against a backdrop of a cash burn that's anything but conservative.

But Trump Media is not short on confidence.

• The company’s executives express optimism, highlighting the venture's aim to provide a platform for free expression outside the control of Big Tech.

• The impending shareholder vote on the merger carries significant implications as well, as failure to approve would result in Digital World's liquidation, leaving shareholders with substantially less than the current market value.

The road ahead is as clear as mud. The rollercoaster ride that is Trump's business ventures adds an unpredictable twist to the narrative. Legal entanglements and whispers of political comebacks could sway the company's fortunes as swiftly as a tweet. And let's not forget Trump's past business adventures, marked by high-profile bankruptcies, serving as cautionary tales of his mercurial touch.

Looking ahead…the future performance of Trump Media's stock remains closely linked to Trump's personal and political trajectory, pointing to the volatile nature of ventures associated with the former president.

Headline Hustle

🇪🇬 Egypt builds a wall along Gaza’s border amid rising tensions in Rafah. In response to fears of a potential Israeli military escalation in southern Gaza, Egypt is constructing an 8-square-mile walled enclosure in the Sinai Desert near the border to manage a possible influx of Palestinian refugees. The enclosure, designed to accommodate over 100,000 people but aimed to limit numbers to 50,000-60,000, underscores Egypt's urgent contingency planning amid rising tensions. This development comes as Egyptian officials anticipate a broad Israeli offensive, prompting measures to bolster frontier security and limit refugee entry.

👀 FBI informant who alleged Biden corruption made up claims. Alexander Smirnov, 43, has been indicted for allegedly providing the FBI with fabricated information about President Joe Biden and his son Hunter Biden during the 2020 presidential campaign. Arrested in Las Vegas, Smirnov's indictment is part of the broader special counsel investigation led by David Weiss. The charges claim Smirnov, an FBI informant since 2010 with a bias against Joe Biden, falsely reported connections between the Bidens and Burisma, a Ukrainian energy company, including unfounded bribery allegations.

🛒 Target launches budget friendly brand. Target launches "Dealworthy," a budget-friendly brand aimed at inflation-hit consumers, with items starting under $1. This strategic move introduces 400 products, challenging dollar stores and Amazon Basics, as part of Target's effort to captivate cost-conscious shoppers. The rollout includes electronics at half the price of other brands. "Dealworthy" underscores Target's adaptation to changing consumer preferences for affordability, revitalizing its competitive edge amidst declining sales in discretionary categories.

SPORTS

F1's offseason drama outpaces the race track

The Formula One (F1) landscape is undergoing major shifts this offseason, turning what's typically a quiet period into a spectacle rivalling the thrill of race day. The paddock is abuzz with changes that could very well redefine the sport's future, proving there's no rest for the wicked—or the wickedly fast.

Start your engines

At the heart of the storm is Lewis Hamilton's bombshell move to Scuderia Ferrari for the 2025 season, ending a prolific era with Mercedes. This decision doesn't just close a chapter for Hamilton; it flips the entire driver market on its head, leaving Mercedes in a high-stakes hunt for a driver capable of filling those championship-winning shoes. Ferrari, meanwhile, locks in a dream team, pairing Hamilton with Charles Leclerc.

But drivers aren't the only ones playing musical chairs.

• Adding fuel to the fire is the tumult surrounding Red Bull's team principal, Christian Horner.

• Facing allegations that could dethrone him, Horner's predicament has thrown Red Bull into a potential leadership crisis, threatening to disrupt the team's winning formula.

The offseason drama doesn't stop there. The rejection of a new team proposition by the Andretti-Cadillac alliance and the unveiling of a new circuit in Madrid for 2026 have fans on the edge of their seats, marking a period of transition and excitement for the sport.

Fans are getting ready for an exciting season: In a world where change is the only constant, this F1 offseason has proven that even without the roar of engines, the heart of the sport beats louder than ever. As teams and fans brace for the green light of the new season, the only certainty is the promise of unpredictability and the allure of a new era in the fast lane.

SNIPPETS

Pulse Points

• OpenAI introduced Sora, a new generative AI model for creating high-definition video clips from text descriptions or still images, building on the success of its image-generation tool, DALL-E.

• Amazon researchers have developed the largest text-to-speech model to date, exhibiting advanced natural speech capabilities, potentially overcoming the uncanny valley in speech technology.

• Fulton County District Attorney Fani Willis lashed out at a defense lawyer while testifying in a hearing on whether she should be disqualified from prosecuting Donald Trump on election interference charges.

• Shake Shack's shares surged 26% and hit a new 52-week high of $98.90 following strong fourth-quarter earnings, with a 67% increase over the last 12 months.

• Starbucks customers using a Bank of America card will receive additional cash back on purchases through a new partnership between the companies.

• Rod Stewart sold his song catalog and some rights to Irving Azoff’s Iconic Artists Group for nearly $100 million, as Iconic raised over $1 billion for future investments.

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